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How did increased competition affect credit ratings?

Author: Bo Becker; Todd T Milbourn; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 16404.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The credit rating industry has historically been dominated by just two agencies, Moody's and S & P, leading to longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit ratings market. Increased competition from Fitch  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bo Becker; Todd T Milbourn; National Bureau of Economic Research.
OCLC Number: 668082138
Notes: "September 2010."
Title from http://www.nber.org/papers/16404 viewed Oct. 4, 2010.
Description: 1 online resource (47 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 16404.
Responsibility: Bo Becker, Todd Milbourn.

Abstract:

The credit rating industry has historically been dominated by just two agencies, Moody's and S & P, leading to longstanding legislative and regulatory calls for increased competition. The material entry of a third rating agency (Fitch) to the competitive landscape offers a unique experiment to empirically examine how in fact increased competition affects the credit ratings market. Increased competition from Fitch coincides with lower quality ratings from the incumbents: rating levels went up, the correlation between ratings and market-implied yields fell, and the ability of ratings to predict default deteriorated. We offer several possible explanations for these findings that are linked to existing theories.

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